article thumbnail

10 Unique Extrinsic Rewards That Your Employees Will Love In 2023

Vantage Circle

The survey also found that 80% of employees would choose additional benefits over a pay raise. When looking for a new job, any self-respecting employee would look at the complete benefits package. Many of these benefits will comprise something called "fringe benefits." Life insurance. Stock options.

PTO 106
article thumbnail

Types of Compensation: Everything HR Needs to Know

HR Lineup

Variable Pay: Performance-Based Incentives Variable pay, also known as performance-based pay, includes bonuses, commissions, and profit-sharing plans. Crafting a comprehensive benefits package that meets the diverse needs of employees while staying competitive in the job market is a key responsibility for HR.

Bonuses 59
article thumbnail

A Comprehensive Guide to Total Rewards (And How to Master It)

Vantage Circle

Some non-monetary rewards include opportunities to learn and grow, extra time off, profit-sharing plans , wellness memberships, etc. A Total Rewards package primarily has the below five components. For example, health insurance is not a mandated requirement, but it is widely provided to benefit employees.

IT 52